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Kelly Services Q4 Adj. Earnings Beat Estimates, Revenues Miss - Quick Facts

Kelly Services, Inc. (KELYA,KELYB) reported Thursday that its net income for the fourth quarter was $17.0 million or $0.43 per share, compared to net loss of $23.9 million or $0.62 per share in the year-ago period.

The latest quarter's results include a $0.30 impairment charge, net of tax and a $0.01 gain, net of tax on Persol Holdings common stock. The yea-ago period's results include the unfavorable impact of $1.49 due to the non-cash after-tax loss on Kelly's investment in Persol Holdings common stock.

Excluding items, adjusted earnings for the quarter were $0.67 per share, compared to $0.87 per share last year.

Revenue from services for the quarter declined 5.4 percent to $1.34 billion from $1.41 billion in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter on revenues of $1.36 billion. Analysts' estimates typically exclude special items.

Peter Quigley, president and chief executive officer of Kelly Services, announced three additional changes designed to accelerate growth and intensify the company's specialty focus.

The company will be managed by specialty: Professional & Industrial (formerly Commercial); Education; STEM (including Science, Engineering, and IT); OCG; and International. Each specialty will be led by a president, reporting directly to Quigley.

Kelly will accelerate its merger and acquisition initiatives as part of an ambitious program to drive financial performance through growth in higher-margin businesses. In addition, the company will share growth targets via its growth map, providing regular updates on progress against key financial goals the company intends to achieve.

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